Professional Documents
Culture Documents
California Pizza Kitchen Case
California Pizza Kitchen Case
: / /
FIN334
S12-1-4
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2014 11 15
Contents
SWOT
10
11
12
14
15
16
8,9
16
16
17
EPS, ,
17
10
19
,
, ,
1985 -
.
. 20 ,
.
CPK 3 : ,
, CPK Kraft foods-
.
, 2007 2- 28
, 6 213 .
/ 41% /
, ,
.
Domino's
Domino's 60
9000 . [24]. 1960 NYSE
1.3 . ,
, ,
. Domino's
Pizza today .
Domino's
, .
Domino's
3-D .
Domino's
. Dominos
.
P.F.Chang's
P.F. Chang's , , ,
. P.F. Chang's
. P.F.
Chang's
. 2010 P.F. Chang's China Bistro,
Inc. 200 . P.F. Chang's
. P.F. Chang's China Bistro, Inc. MBH Architects
.
Chipotle
Chipotle ,
. 1993 . 1995
, 1996 . IPO
1998 Chipotle
. McDonald's 2001
Chipotle's . McDonald's
1998 16 2005 500
.
2011
Chipotle 12 160
.
2011 2 10 1.1
Chipotle .
5
, ,
.
.
5
.
, .
.
5 , ,
.
. 5
.
.
.
.
.
.
.
5
.
.
.
.
.
. 5
.
.
.
. ,
.
.
.
.
. California Pizza
.
.
, , , ,
.
.
Rick Rosenfield, Larry Flax ,
Susan M Collyns 32
5 9
.
, 3
. 60-80 .
California Pizza Kitchen-
.
,
. ,
,
.
.
SWOT
Strength / /
CPK- .
. CPK ASAP
. CPK Chipotle
.
Weaknesses / /
CPK .
. (Takeout revenue ,
. ).
.
CPK- . CPK 32
.
Opportunities //
CPK- .
.
CPZ-
. CPK ASAP-
. CPK ASAP-
.
CPK Little Ceasar
. CPK . CPK-
, . CPK
. CFK-
.
CPK- .
Threats //
CPK . .
.
. 2 . Chipotle
1000
.
. .
CPK-
CPK- .
1
- ?
5
5.5% 5.1% .
- 6.5% .
:
.
.
. 2007 5
5.15 7.25
.
.
- 2005
75000- .
.
45% 2010 53% .
,
. 2005 -
PSCM/ /-
,
1500 , 1
. 4,5 %
,
.
.
2
?
CPK 3 : ,
, CPK Kraft foods-
.
2
ASAP 170 CPK
Kraft
foods-
.
50 000 - 65 000 ,
5%- .
.
1997 CPK
.
CPK- 1%
95% 5% CPK-
.
, ,
.
3
CPK- ?
. /, ,
, /
.
1912 //
.
. 2007
770 000 CPK
15
.
2006 2 2007 2
36.6 36.3 . ,
, 2006 2007
24.5 . 4 1.37 7
2
.
4
9- ROE ?
10%
20%
30%
6.16%
6.16%
6.16%
6.16%
32.5%
32.5%
32.5%
32.5%
30,054
30,054
30,054
30,054
1,391
2,783
4,174
30,054
28,663
27,271
25,880
9,755
9,303
8,852
8,400
20,299
19,360
18,419
17,480
22,589
45,178
67,766
225,888
203299
180,710
158,122
225,888
225,888
225,888
225,888
22,589
45,178
67,766
643,773
628,516
613,259
596,002
643,773
651,105
658,437
663,768
,
. 9
ROE ( ) .
ROE
10%
20%
30%
20,299
19,360
18,419
17,480
225,888
203,299
180,710
158,122
0.0899
0.0952
0.1019
0.1105
ROE=/
.
5
9 ?
.
. .
20%
30%
22,589.00
45,178.00
67,766.00
0.325
0.325
0.325
0.325
7,341.43
14,682.85
22,023.95
28,108.00
27,086.00
26,064.00
0.25
0.50
0.76
22.1
22.1
22.1
22.1
22.10
22.36
22.64
22.94
10%
29,130.00
6
?
:
10%
20%
30%
22,589.00
45,178.00
67,766.00
0.325
0.325
0.325
0.325
7,341.43
14,682.85
22,023.95
29,130.00
28,108.00
27,086.00
26,064.00
0.25
0.50
0.76
22.1
22.1
22.1
22.1
22.10
22.36
22.64
22.94
1,022
2044
3066
7
?
10%
20%
30%
22,589.00
45,178.00
67,766.00
0.325
0.325
0.325
0.325
7,341.43
14,682.85
22,023.95
8,9
?
BAsset
Bequity
Market risk premium
Cost of equity
10%
0.85
0.052
0.85
0.85
0.052
0.87
20%
0.85
0.052
0.89
0.094
0.094
0.094
0.094
0.1319
0.13378
0.13566
0.13801
30%
0.85
0.052
0.915
1-
WACC
643,773
0
643,773
0
100%
0.052
6.16%
0.675
0.0520
10%
651,105
22589
628,516
3.74%
96.53%
0.052
6.16%
0.675
0.0518
30%
20%
658,437
45178
613,259
6.86%
93.14%
0.052
6.16%
0.675
0.0513
663,768
67766
596,002
10.18%
89.82%
0.052
6.16%
0.675
0.0509
WACC10%=0.9653*0.0503+0.0374*0.0616*0.675=0.04855459+0.00155509=0.0518 /10%/
WACC20%=0.9314*0.0503+0.0686*0.0616*0.675=0.04684942+0.00283971=0.0513 /20%/
WACC30%=0.8982*0.0503+0.1018*0.0616*0.675=0.04517946+0.00423284=0.0509 /30%/
.
0
225888
225888
0
/
EBIT
10%
29,130.0
n/a
n/a
20%
30%
22589
203299
225888
1391
45178
180710
225888
2783
67766
158122
225888
4174
28108
27086
26064
1.036
1.075
1.118
EPS, ,
EAT
EPS=DPS
Ke
29130
0.6968
0.1319
10%
28108
9303
29472.67
0.6888
0.134
5.1401
404919.1617
20%
30%
27086
8852
25471.67
0.6800
0.1356
5.0149
409001.0081
26064
8400
22799
0.6707
0.138
4.8598
410573.7705
ROE
0.0899
22.1000
Cost of equity
0.1319
WACC
0.0520
EBIT
n/a
EPS=DPS
0.6968
10%
0.0952
22.3520
1,022.0000
0.1338
0.0518
40,166.6700
0.6888
5.1401
404,919.1617
20%
0.1019
22.6040
2,044.0000
0.1357
0.0513
37,106.6700
0.6800
5.0149
409,001.0081
30%
0.1105
22.8561
3,066.0000
0.1380
0.0509
35,373.0000
0.6707
4.8598
410,573.7705
. 10%, 20%, 30%
, 10%:
1. 13%.
2. /EPS/ 0.6888.
3. 5.14 .
ROE , ,
EBIT , .
30%- :
1. ROE 11%.
2. 5.09%.
3. EBIT 35,373
4. 410,573
5. 22.85
, ,
30%- . 30%-
,
.
.
30%-
.
10
?
30%- ,
.